An award-winning pub group operating in Surrey has acquired two new pubs near Woking after securing a £2.8 million commercial mortgage from HSBC UK.
The funding has enabled Barons Pub Company to take its portfolio of venues from seven to nine and, for the first time, add overnight accommodation to its services. The two new additions are The Jovial Sailor in Ripley and The Inn at West End, the latter being the first ‘bed and breakfast’ in the group’s portfolio. The purchase of both pubs will see Barons create 40 new full and part-time jobs, in addition to the existing 24 members of staff.
Part of the funding was also used for the renovation of both pubs, allowing the company to create similar atmospheres to those of its existing pubs. This included new furnishings and lighting for the restaurant areas and higher quality catering equipment for the kitchens.
Clive Price, managing director of Barons Pub Company, said: “We’re proud to deliver great food and drink for people to enjoy with their families and friends. Thanks to the support from our HSBC UK relationship manager Andy Brunning, we’ve been able to bolster our offer and begin our venture into providing overnight accommodation for our customers. We look forward to welcoming our new guests in both locations and getting to know the locals.”
Andrew Steer, HSBC UK’s area director for business banking in Surrey and Sussex, said: “We are committed to supporting British businesses, helping them to realise their ambitions. Since its inception in 2000, Barons has steadily developed its portfolio of British pubs and we were happy to assist the business this time around as they looked to scale up further. We look forward to continuing our partnership with the business and wish them the best for the future.”
Barons’ pubs are all situated in quiet locations next to major motorways and attractions, including Thorpe Park. As a result, each of the nine locations provides guests with relaxed dining experiences.
The seven-figure funding package from HSBC UK was allocated from the bank’s £650 million SME Fund which supports SMEs across Surrey and Berkshire.